SFC Energy AG is experiencing significant business revival in the first quarter of 2017 - Order backlog increases by 58.5%

DGAP-News: SFC Energy AG / Key word(s): Quarter Results

11.05.2017 / 07:30
The issuer is solely responsible for the content of this announcement.


SFC Energy AG - Corporate News

SFC Energy AG is experiencing significant business revival in the first quarter of 2017 - Order backlog increases by 58.5%

- Consolidated revenue increases to EUR 13.11 million (Q1/2016: EUR 10.30 million)

- EBITDA improves to EUR -0.33 million (Q1/2016: EUR -0.45 million)

- Growth in den Oil & Gas and Security & Industry segments

- Order backlog increases to EUR 16.11 million (Q1 / 2016: EUR 10.17 million)

- Outlook 2017: Management Board confirms projected sales of EUR 50 to 55 million and further significant improvement of profitability compared to the prior year

Brunnthal/Munich, May 11, 2017 - SFC Energy AG (ISIN: DE0007568578), a leading international supplier of stationary and mobile hybrid power generation plants based on fuel cells, published its financial figures for the first quarter of 2017 today.

Sales development

SFC Energy AG has started the 2017 financial year well. In the reporting period January through March 2017, the Group generated sales of EUR 13.11 million, compared to EUR 10.30 million during the prior year period. This figure reflects an increase in sales revenue of 27.3% essentially as a result of the strong performance in the Oil & Gas and Security & Industry segments. Compared to the same quarter of the prior year, sales in the Oil & Gas segment were up by 44.6% (Q1/2017: EUR 5.82 million / Q1/2016: EUR 4.02 million). The stable oil price, which remained above USD 50 in the first quarter, was partly responsible for the positive development. As a result, customers have further loosened their spending behaviour. In addition, the average size of customer requests has increased noticeably.

The Security & Industry segment, the largest segment in the Group, showed an increase in sales by 24.5% from EUR 4.98 million in the prior year period to EUR 6.20 million in the first quarter of 2017. The increase in sales resulted mainly from both the stable growth in the commercial fuel cell business and the Power Electronics Business (PBF).

Sales in the Consumer segment reduced by 15.4 % from EUR 1.30 million in the first quarter of 2016 to EUR 1.10 million in the first three months of 2017. The decrease relates to one-off effects in the first quarter of 2016 as well as lower sales in France, Germany and Sweden while Norway returned to growth.

 

EBITDA/EPS

The profitability of the SFC Energy Group improved significantly in the first three months of the current business year compared to the prior year period. Gross profit increased by 13.1% from EUR 3.22 million in the first quarter 2016 to EUR 3.64 million in the reporting period.

EBITDA improved in the first three months to minus EUR 0.33 million, compared to minus EUR 0.45 million in the prior year period. EBITDA adjusted for one-time events was minus EUR 0.31 million (Prior year: minus EUR 0.54 million).

In the first three months of the current financial year EBIT improved to minus EUR 0.82 million, compared to minus EUR 1.00 million in the same period of the previous year. EBIT adjusted for one-time events was minus EUR 0.61 million in the reporting period (Prior year: minus EUR 0.84 million).

Earnings after taxes improved in the first three months of 2017 to minus EUR 0.99 million compared to minus EUR 1.02 million in the same period of the previous year. Earnings per share under IFRS (undiluted and diluted) amounted to minus EUR 0.11 in the reporting period 2017, while earnings per share (undiluted and diluted) amounted to minus EUR 0.12 in the prior year period.

Balance Sheet

Available cash and cash equivalents totalled EUR 2.40 million as of March 31, 2017 (December 31, 2016: EUR 1.76 million). As of the end of the first quarter of 2017, the equity ratio amounted to 36.5% (December 31, 2016: 39.5%).

Outlook 2017

Given the strong year-on-year growth and an order backlog of EUR 16.11 million at the end of March 2017, which corresponds to an increase of 58.5% compared to the previous year, the Management Board of SFC Energy AG is optimistic for the current fiscal year and reconfirms its guidance of EUR 50 to 55 million. In the operating result, the Management Board reaffirms its expectations for a significant improvement in profitability compared to 2016.

Dr. Peter Podesser, CEO of SFC Energy AG commented: "Our growth in the Security & Industry segment is based in particular on large orders from Singapore as well as on a broad interest among existing and new customers in particular with regards to surveillance applications. In the Defense & Security business, SFC Energy also expects a strong growth, which is traditionally realized in the second half of the year. In the quarter under review, we have expanded our team to further strengthen our market position in the Defense segment in the medium term. The Oil & Gas segment is also gaining momentum and our customers are increasingly investing in replacement and expansion. The resulting profitability will have a positive effect on the Group."

Key figures Q1/2017

In millions of EUR Jan. 1 - Mar. 31, 2017 Jan. 1 - Mar. 31, 2016
Sales 13.11 10.30
Gross profit 3.64 3.22
Gross margin 27.8% 31.3%
EBITDA -0.33 -0.45
EBITDA margin -2.5% -4.4%
EBITDA underlying -0.31 -0.54
EBITDA margin underlying -2.4% -5.3%
EBIT -0.82 -1.00
EBIT margin -6.3 % -9.7 %
EBIT underlying -0.61 -0.84
EBIT margin underlying -4.7% -8.1%
Net results -0.99 -1.02
Order backlog 16.11 10.17
 

Detailed financial information

SFC Energy AG's full quarterly report can be downloaded from: http://www.sfc.com/de/investoren/finanzberichte#header.

SFC Energy AG will hold a telephone conference in English at 9 am today, May 11, 2017, for interested investors and journalists. To register, please send an e-mail to [email protected].

SFC Investor Relations

SFC Energy AG
Eugen-Sänger-Ring 7
D-85649 Brunnthal
Tel. +49 89 673 592-378
Fax. +49 89 673 592-169
Email: [email protected]
Web: www.sfc.com

CROSS ALLIANCE communication GmbH
Susan Hoffmeister
Tel. +49 89 89827227
Email: [email protected]



11.05.2017 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
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